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|||||Page|
|---|---|---|---|---|
|Reference and administrative||details ofthe Company,|its Trustees and advisers||
|Trustees'
report||||2-5|
|Independent|auditors'
report|on the financial statements||6-9|
|Consolidated|statement
offinancial activities|||10|
|Consolidated|balance sheet|||11-12|
|Company
balance sheet||||13-14|
|Consolidated|statement
ofcash flows|||15|
|Notes to the|financial statements|||16-27|
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|||||Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|---|
|||||funds|funds|funds|funds|funds|
||||Note|2022
f|2022|2022
f|2022|2021f|
|Income and|||||||||
|endowments||from:|||||||
|Donations
and||legacies||128,344|27,011||155,355|255,564|
|Charitable
activities||||1,951|||1,951|83,753|
|Other trading|activities||5|86,342|||86,342|59,016|
|investments|||6|||317,904|317,904|321,786|
|Total income|and||||||||
|endowments||||216,637|27,011|317,904|561,552|720,119|
|Expenditure|on:||||||||
|Raising funds||||102,331|||102,331|122,977|
|Charitable
activities||||819,105|27,011||846,116|820,521|
|Total expenditure||||921,436|27,011||948,447|943,498|
|Net (expenditure)l|||||||||
|income before net|||||||||
|gains/(losses)||on|||||||
|investments||||(704,799)||317,904|(386,895)|(223,379)|
|Net gains on|||||||||
|investments||||||723,220|723,220|2,220,966|
|Net (expenditure)l|||||||||
|income||||(704,799)||1,041,124|336,325|1,997,587|
|Transfers
between|||||||||
|funds||||317,904||(317,904)|||
|Net movement||in|||||||
|funds||||(386,895)||723,220|336,325|1,997,587|
|Reconciliation||of|||||||
|funds:|||||||||
|Total funds brought|||||||||
|forward||||836,091||12,723,652|13,559,743|11,562,156|
|Net movement||in funds||(386,895)||723,220|336,325|1,997,587|
|Total funds carried|||||||||
|forward||||449,196||13,446,872|13,896,068|13,559,743|
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|||Note||2022f||2021|
|---|---|---|---|---|---|---|
|Fixed assets|||||||
|Tangible assets||10||410||583|
|Investments||11||13,812,038||12,723,652|
|||||13,812,448||12,724,235|
|Current assets|||||||
|Debtors||12|48,065||56,615||
|Cash at bank and in hand|||84,187||843,495||
||||132,252||900,110||
|Creditors: amounts|falling due within one||||||
|year||13|(48,632)||(64,602)||
|Net current assets||||83,620||835,508|
|Total net assets||||13,896,068||13,559,743|
|Charity funds|||||||
|Endowment
funds||||13,446,872||12,723,652|
|Restricted funds|||||||
|Unrestricted
funds||||449,196||836,091|
|Total funds||||13,896,068||13,559,743|
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||||||2022|2021|
|---|---|---|---|---|---|---|
|||||Note|||
|Cash flows from operating
activities|||||||
|Net cash|used in operating
activities|||16|(2,249,514)|642,324|
|Cash flows from investing
activities|||||||
|Dividends,
interests
and rents from investments|||||317,904|321,786|
|Proceeds|from the sale oftangible
fixed|assets||||1,600|
|Purchase|oftangible fixed assets||||(158)||
|Proceeds|from sale of investments||||2,386,910|2,517,099|
|Purchase|of investments||||(1,214,450)|(3,276,227)|
|Net cash|provided
by/(used
in) investing||activities||1,490,206|(435,742)|
|Change|in cash and cash equivalents|in|the year||(759,308)|206,582|
|Cash and|cash equivalents
at the beginning||ofthe year||843,495|636,913|
|Cash and cash equivalents
at the end||of|the year|17|84,187|843,495|
|The notes on pages 16to 27 form part ofthese financial statements|||||||
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||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|
||funds|funds|funds|funds|
||2022|2022|2022|2021|
|||||F|
|Donations|128,344|27,011|155,355|255,564|
|Total 2021|243,814|11,750|255,564||
##
||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2022|2022|2021|
||||||F|
|Gala|dinner|auction|1,951|1,951|83,753|
|Total|2021||83,753|83,753||
||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2022|2022|2021|
|Income from the Gala, gallery trips 8 other events|86,342|86,342|59,016|
|Total 2021|59,016|59,016||
##
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|||Endowment|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2022|2022|2021|
|Investment|income - other local unlisted|245,942|245,942|236,715|
|Investment|income - other foreign investments|71,962|71,962|85,071|
|||317,904|317,904|321,786|
|Total 2021||321,786|321,786||
##
||Grant||||
|---|---|---|---|---|
||funding
of|Support|Total|Total|
||activities|costs|funds|funds|
||2022|2022|2022|2021|
|Expenditure|714,046|132,070|846,116|820,521|
|Total 2021|634,278|186,243|820,521||
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||||Educational|||
|---|---|---|---|---|---|
||||8 Social|Total|Total|
||||Welfare|funds|funds|
||||2022|2022|2021|
||||||F|
|Wages and salaries|||74,054|74,054|92,017|
|Legal and professional|||1,332|1332|7,230|
|Telephone|||144|144|92|
|Rent|||4,140|4,140|17,819|
|Consultancy|fees||||6,700|
|Postage and|stationary||1,126|1,126|15,404|
|Bank charges|||5,312|5,312|6,768|
|Loss on disposal offixed asset|||||388|
|Sundry|||2,827|2,827|5,058|
|Computer expenses|||11,658|11,658|4,295|
|Insurance|||3,877|3,877|3,431|
|Travel expenses|||2,141|2,141|(5,930)|
|Depreciation|||331|331|291|
|Event expenses|||594|594||
|Bad debts|||||5,920|
|Restricted
donations||paid|234|234||
|Governance|costs||24,300|24,300|26,760|
||||132,070|132,070|186,243|
|Total 2021|||186,243|186,243||
|Analysis ofgrants -||Grants to Institutions||||
||Grants to|Total|Total|
|---|---|---|---|
||Institutions|funds|funds|
||2022|2022|2021|
|Grants to institutes|714,046|714,046|634,278|
|Total 2021|634,278|634,278||
##
|||||||2022|2021|
|---|---|---|---|---|---|---|---|
|||||||F|F|
||Israel Museum,
Jerusalem|||||618,410|443,278|
||Tel Aviv Museum
of Art|||||36,000|78,500|
||Museums
of Bat Yam|||||4,000|20,000|
||Herzliya
Museum
of Art|||||5,000|14,000|
||Petach Tikva Museum|ofArt||||4,000|11,000|
||Design Museum
Holon|||||4,000|10,000|
||Ein Harod Museum|||||10,000|10,000|
||Haifa Museum
of Art|||||4,000|10,000|
||Zumu
Museum|||||4,000|8,000|
||Negev Museum|||||4,000|6,000|
||Nahum
Gutman
Museum|||||3,500|5,000|
||Janco Dada Museum|||||3,500|5,000|
||Rubin Museum|||||4,000|5,000|
||Beit Ha'Gefen|||||4,000|5,000|
||Wilfrid Israel Museum||||||3,500|
||American
Friends of Israel Museum|||||5,636||
|||||||714,046|634,278|
|9.|Auditors'
remuneration|||||||
|||||||2022f|2021
F|
||Fees payable to the Company's||auditor||for the audit ofthe Company's|||
||annual
accounts|||||13,200|12,000|
||Fees payable to the Company's||auditor||in respect of:|||
||All non-audit
services not included|||above||6,050|5,600|
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||Office|
|---|---|
||equipment|
|Cost||
|At 1 April 2021|1,165|
|Additions|158|
|At 31 March 2022|1,323|
|Depreciation||
|At 1 April 2021|582|
|Charge for the year|331|
|At 31 March 2022|913|
|Net book value||
|At 31 March 2022|410|
|At 31 March 2021|583|
|||Cash held||
|---|---|---|---|
||Listed|for||
||investments|investments|Total|
|Group and Company||||
|Valuation||||
|At 1 April 2021|12,163,707|559,945|12,723,652|
|Additions|1,214,450||1,214,450|
|Disposals|(2,265,374)||(2,265,374)|
|Revaluations|1,025,497||1,025,497|
|Movement
in cash||1,113,813|1,113,813|
|At 31 March 2022|12,138,280|1,673,758|13,812,038|
##
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|12.|Debtors||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||Group|Group|Company|Company|
||||||||2022|2021|2022|2021f|
||Due within|one year|||||||||
||Trade debtors||||||14,043|27,993|14,043|27,993|
||Other debtors||||||31,743|26,907|31,743|26,907|
||Prepayments||and accrued income||||2,279|1,715|2,279|1,715|
||||||||48,065|56,615|48,065|56,615|
|13.|Creditors:|Amounts|||falling due within one year||||||
||||||||Group|Group|Company|Company|
||||||||2022|2021|2022|2021|
|||||||||||F|
||Trade creditors||||||18|6,135|18|6,135|
||Amounts
owed to group undertakings||||||||47,507|29,185|
||Other taxation||and social security|||||13,739||13,739|
||Other creditors||||||16|16|16|16|
||Accruals and||deferred||income||48,598|44,712|44,998|41,112|
||||||||48,632|64,602|92,539|90,187|
|14.|Summary|of|funds||||||||
||Summary|of|funds|-|current year||||||
|||||||||||Balance at|
||||Balance at 1|||||Transfers|Gains/|31 March|
|||||April 2021f||Income|Expenditure|in/out|(Losses)|2022
F|
||General funds||||836,091|216,637|(921,436)|317,904||449,196|
||Endowment||||||||||
||funds|||12,723,652||317,904||(317,904)|723,220|13,446,872|
||Restricted|funds||||27,011|(27,011)||||
|||||13,559,743||561,552|(948,447)||723,220|13,896,068|
##
##
##
|Summary|offund|s - prior year||||||
|---|---|---|---|---|---|---|---|
||||||||Balance at|
|||Balance at|||Transfers|Gains/|31 March|
|||1 April 2020|Income|Expenditure|in/out|(Losses)|2021|
|||||||F|P|
|General funds||637,325|386,583|(918,975)|321,786|409,372|836,091|
|Endowment||||||||
|funds||10,912,058|321,786||(321,786)|1,811,594|12,723,652|
|Restricted|funds|12,773|11,750|(24,523)||||
|||11,562,156|720,119|(943,498)||2,220,966|13,559,743|
##
|Analysis ofnet assets between funds - cur|rent year|||
|---|---|---|---|
||Unrestricted|Endowment|Total|
||funds|funds|funds|
||2022|2022|2022|
||f.|||
|Tangible fixed assets|410||410|
|Fixed asset investments|365,166|13,446,872|13,812,038|
|Current assets|132,252||132,252|
|Creditors due within one year|(48,632)||(48,632)|
|Total|449,196|13,446,872|13,896,068|
##
##
|Analysis ofnet assets between funds - prio|r year|||
|---|---|---|---|
||Unrestricted|Endowment|Total|
||funds|funds|funds|
||2021|2021|2021|
||||F|
|Tangible fixed assets|583||583|
|Fixed asset investments||12,723,652|12,723,652|
|Current assets|900,110||900,110|
|Creditors due within one year|(64,602)||(64,602)|
||836,091|12,723,652|13,559,743|
##
##
##
|16.|Reconciliation
of|net movement|net movement|net movement|in funds|to net cash flow from operating|activities||
|---|---|---|---|---|---|---|---|---|
||||||||Group|Group|
||||||||2022|2021|
|||||||||E|
||Net income for the|year (as per Statement||||of Financial Activities)|336,325|1,997,587|
||Adjustments
for:||||||||
||Depreciation
charges||||||331|291|
||Realised gains on|investments|||||(121,536)|(283,841)|
||Unrealised
gains on||investments||||(1,025,497)|(768,625)|
||Dividends,
interests||and rents|from investments|||(317,904)|(321,786)|
||Loss on the sale offixed assets|||||||388|
||Movement
in cash|in the capital accounts|||||(1,113,813)||
||Decrease
in debtors||||||8,550|13,033|
||Increase/(decrease)||in creditors||||(2,231)|5,277|
||Net cash provided||by/(used|in) operating
activities|||(2,235,775)|642,324|
|17.|Analysis ofcash|and cash||equivalents|||||
||||||||Group|Group|
||||||||2022|2021|
|||||||||F|
||Cash in hand||||||84,187|843,495|
||Total cash and cash equivalents||||||84,187|843,495|
|18.|Analysis ofchanges
in net|||debt|||||
|||||||At 1 April||At 31 March|
|||||||2021|Cash flows|2022|
||Cash at bank and|in|hand|||843,495|(759,308)|84,187|
|||||||843,495|(759,308)|84,187|
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